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Novak on Culture of Recognition (Audio) · Bloomberg Intelligence

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  Speaker 1: Broadcasting live to New York, Bloomberg even to Washington, d C.
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  Speaker 1: This is taking Stock. Coming up on taking stock, Oh
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  Speaker 1: Great one, A little story about the awesome power of recognition.
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  Speaker 1: We're gonna be speaking with David Novak. He is the
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  Speaker 1: founder of Oh Great One, O g OH. He's also
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  Speaker 1: the former chief executive and the chairman of Young Brands.
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  Speaker 1: We're gonna get some detailed information about using the awesome
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  Speaker 1: power of recognition throughout your business career. But right now,
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  Speaker 1: a gain of point one percent, and at three thirty
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  Speaker 1: Charlie from the Bloomberg News Room. I'm Rami in a
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  Speaker 1: code broadcast. I'm Charlie Pellaton. That's a Bloomberg business flash.
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  Speaker 1: You're listening to taking Stock with Kathleen and Pim Fox
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  Speaker 1: on Bloomberg Radio. When an expert such as David Novak,
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  Speaker 1: the founder, the co founder and the retired chairman and
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  Speaker 1: chief executive of Young Brands, writes a book entitled Oh
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  Speaker 1: A Great One, A Little Story about the awesome Power
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  Speaker 1: of Recognition, I think it is relevant to pay attention.
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  Speaker 1: David Novak joins us. Now, thank you very much for
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  Speaker 1: coming in. It's great to be here him. Now, your book,
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  Speaker 1: the new book, Oh Great One, A Little Story about
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  Speaker 1: the awesome power. What made you decide that this was
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  Speaker 1: the book you wanted to write. Well, you know, I've
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  Speaker 1: had the great privilege of building a global company, and
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  Speaker 1: as I've traveled the world, what I realized is there's
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  Speaker 1: what I call a global recognition deficit. People all around
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  Speaker 1: the world are craving for recognition and they're just frankly,
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  Speaker 1: they're not getting it. And one of the things I
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  Speaker 1: did in my career is I really built a culture
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  Speaker 1: of recognition at Young Brands, which is Pizza, Taco Bell
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  Speaker 1: and KFC, where everybody in the company, including myself, we
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  Speaker 1: have our own individual recog nition awards, and we really
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  Speaker 1: made recognizing the value of others the most important thing
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  Speaker 1: that we could do. And you know, as I move
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  Speaker 1: into my next next chapter, I'm not really retiring. I'm
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  Speaker 1: I'm refiring and I'm passionate about the the idea that
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  Speaker 1: recognition really matters. And I'm really going to build a
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  Speaker 1: brand around the notion of recognition. And it's called ogo
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  Speaker 1: UH and stands for a Great Man. And the first
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  Speaker 1: step of building this brand is launching this book, Oh
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  Speaker 1: Great One, The Little Power about the awesome power of recognition,
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  Speaker 1: Little story about the awesome power recognition. Now, what I've
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  Speaker 1: done is I field of research, and sometimes you do
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  Speaker 1: research just to understand the obvious. But listening to this
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  Speaker 1: pim of employees in the United States don't even think
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  Speaker 1: they're supervisors, recognize them for what they do. Six of
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  Speaker 1: people tell you that they they appreciate recognition as much
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  Speaker 1: as money. But yet when you look at companies, is
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  Speaker 1: very rarely given. In fact, you know, if you're lucky,
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  Speaker 1: somebody's gonna say thank you or you did something well
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  Speaker 1: about once every two months. And people tell you that
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  Speaker 1: if you just recognize them, they put more energy into
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  Speaker 1: the work. So it's clear there's this huge recognition deficit.
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  Speaker 1: And what O great One does is basically it tells
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  Speaker 1: the story of my experiences I had in business, understanding
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  Speaker 1: and leveraging the power of recognition to get results. Is
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  Speaker 1: it because recognizing an employee is not directly quantifiable, what
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  Speaker 1: is holding back managers and owners of businesses or enterprises
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  Speaker 1: from doing exactly as you described. There's two to two
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  Speaker 1: reasons why people don't recognize number one as they feel
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  Speaker 1: like if I recognize you for doing a good job,
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  Speaker 1: you're gonna take the pedal off the metal. And you're
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  Speaker 1: not gonna work as hard anymore. That's crazy. That basically
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  Speaker 1: says I don't trust you. That's the worst thing you
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  Speaker 1: can do as a as as a leader is to
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  Speaker 1: send that that that kind of kind of message. The
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  Speaker 1: other thing is is if I recognize you, that means
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  Speaker 1: I might have to recognize somebody else. I might make
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  Speaker 1: somebody else upset because they're not getting recognized. And what
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  Speaker 1: I found is when you recognize the behaviors that drive
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  Speaker 1: the performance in your business, then people know that you're watching.
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  Speaker 1: It says that what you do really matters. And when
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  Speaker 1: that happens, that means everybody knows that the coach or
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  Speaker 1: whoever is running the company is watching. And they want
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  Speaker 1: to get recognized too, and they work harder to get
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  Speaker 1: that recognition, and they also celebrate the fact that other
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  Speaker 1: people are getting recognition. You know, recognition is really a
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  Speaker 1: secret weapon, and leaders just don't use it. And and
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  Speaker 1: oh great, when the little story about the awesome power
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  Speaker 1: of recognition, I talk about all the experiences I had
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  Speaker 1: really implementing recognition and making it happen and making it
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  Speaker 1: be a catalyst for results. And you want to make
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  Speaker 1: recognition fun. You want to make it personal. You want
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  Speaker 1: to celebrate other people's ideas more than your own. You
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  Speaker 1: want to make it something that's contagious and creates more
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  Speaker 1: excitement and enthusiasm in your work environment. Where did you
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  Speaker 1: first come into contact with this idea of recognizing employees
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  Speaker 1: or people that you worked with. Well, I've always had
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  Speaker 1: a lot of success team building and valuing people. You know,
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  Speaker 1: when I was running marketing at the Pizza that, I
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  Speaker 1: gave away a little pizza pan and I had a big,
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  Speaker 1: big pizza pan that traveled from person to person. It
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  Speaker 1: was a lot of fun. But when I was running
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  Speaker 1: operations for PEPSI I went out and I always went
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  Speaker 1: out and talked to the front line and ask him
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  Speaker 1: for ideas. And and uh, I was at this meeting
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  Speaker 1: in St. Louis once and and this guy I was
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  Speaker 1: talking about merchandising with Tin Ralse salesman, and they were
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  Speaker 1: talking about this guy named Bob who was sitting at
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  Speaker 1: the end of the table, and Bob was the best
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  Speaker 1: everybody had ever seen. And they were laying all this
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  Speaker 1: praise about great Bob was. And I looked down at
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  Speaker 1: the end of the table and he's crying, And I
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  Speaker 1: said Bob, why are you crying? These people love you?
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  Speaker 1: And he said, well, I've been in this company for
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  Speaker 1: forty seven years. I'm retiring in two weeks, and I
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  Speaker 1: didn't know that anybody felt this way about me. And
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  Speaker 1: from that point on, Pim I said, the number one
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  Speaker 1: thing I'm gonna do as a leader is to recognize
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  Speaker 1: it's a privilege to be a leader, and I'm gonna
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  Speaker 1: make sure that I make recognition the single biggest driver
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  Speaker 1: of any work environment that i'm a I'm I'm a
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  Speaker 1: part of and let me tell you, it's been a
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  Speaker 1: great joy and it's a lot of fun seeing people
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  Speaker 1: get turned on. That's why I loved writing this book,
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  Speaker 1: Oh Great One, because I want to get the whole
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  Speaker 1: world focused on the fact that if you can recognize people,
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  Speaker 1: you're gonna get the joy of recognizing people, You're gonna
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  Speaker 1: get better results, and you're gonna make the world a
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  Speaker 1: better place. Thank you for stopping by and sharing this
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  Speaker 1: all with us. David Novak, the founder of Ogo, writer
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  Speaker 1: author Oh Great One. This is taking Stock on Bloemberg Radio.
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  Speaker 1: Coming up on Taking Stop, will be speaking with Jeff
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  Speaker 1: Soarty as the chief investment strategist for Raymond James helping
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  Speaker 1: to manage four hundred billion dollars. What should you do
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  Speaker 1: with your dollars? We'll find out